Asyad Shipping embarks on major fleet expansion strategy l2v39

According to domestic media reports in late May, Asyad Shipping chief commercial officer Imad Al Khaduri stated the company plans to invest between US$2.3Bn and US$2.7Bn in fleet growth. Asyad Shipping has already committed over US$1.0Bn, including funds allocated to newbuildings scheduled for delivery by 2027. These will comprise LNG carriers and tankers.

As part of the expansion strategy, Asyad Shipping has disclosed the acquisition of two unnamed crude oil tankers to strengthen its partnerships with major oil transport companies. Notably, in late April, shipbrokers linked the company to a US$205M deal involving the purchase of two VLCCs: 2020-built Landbridge Wisdom and one-year-older Landbridge Glory, both constructed at Chinese shipyards. These vessels were among the few modern VLCCs available on the secondhand market in recent years.

According to its official website, Asyad Shipping operates a fleet of 80 vessels – both owned and chartered-in – including crude and product tankers, bulk carriers, gas carriers, and container ships. Local media also report the company is looking to tap into new markets, such as ethylene and ammonia transport.

IPO success

In mid-March, Asyad Shipping announced its successful listing on the Muscat Stock Exchange, raising US$333M from both domestic and international investors.

“As we look towards the future as a public company, we remain committed to ing Oman’s economic development, expanding our global operations, and creating value for our investors and partners by continuously seeking out new growth opportunities,” said Asyad Shipping chief executive Dr Ibrahim Al Nadhairi.

LNG bunkering

SOHAR Port and Freezone in Oman is set to commence LNG bunkering operations in 2028, marking a key development in its 20-year history as a logistics hub and industrial cluster.

SOHAR Port operates as a 50/50 t venture between the government of Oman’s ASYAD Group and the Netherlands’ Port of Rotterdam.

Speaking at the LNG Shipping and Terminals Conference in London in late 2024, SOHAR Port chief executive Emile Hoogsteden detailed the progress of the Marsa LNG project. 

“The expectation is that in Q1 2028, the plant will be operational,” Mr Hoogsteden confirmed. The LNG facility, spearheaded by Marsa LNG, will primarily focus on ing LNG bunkering operations.